Ann: Institutional Entitlement Offer Completion, page-44

if you buy PBHR your buying the right to buy shares for $8 in the Capital raise.

e.g. if PBHR is $2, that means your paying $2 to obtain the right to pay a further $8 for PBH shares in the capital raise (meaning you've spent $10 to acquire 1 PBH share). Tax wise your cost base would be $10 for the parcel.

DONT SKIP READING THE FOLLOWING:
You do NOT buy PBHR if you are just wanting to participate in the CR with your existing 1 for 9 allocation, PBHR is only for people wanting to buy extra allocation or sell their rights.

If you want to participate in the CR with your 1 for 9 existing PBH allocation, just wait for your payment advice to come in the mail (or go on the PBH share registry to find the form).

Again, PBHR is only for selling rights and buying EXTRA rights to the capital raise. Trading these will not mean you get more PBH.